Feel Secure About Retirement 8 Things The Government Wont Tell You 2
As we suspected, Congress has now officially admitted they won't finish their work on time and once again will have to pass what amounts to emergency legislation to keep the government open. Actually, to say it was emergency legislation is probably not accurate because operating this way has become fairly normal now. .With that in mind we remind you that the Federal Trade Commission has warned that anybody offering a chance to jump ahead on the statewide priority list for a vaccination in exchange for money is a scammer. .This past week the House of Representatives remained out of session, but committees continued to work remotely, holding briefings and forums over videoconferencing technology and conference calls. The House will hold votes next week on several issues that have come out of committees and are ready for a vote by the full body. … Continued
Benefits For Illegal Work A Growing Liability To Social Security
"The bill has been fiercely opposed by Republicans and the branded pharmaceutical industry, which would likely lose revenue if the bill passed, leading to 40 fewer new drugs coming to the market in the U.S. over the next two decades, according to the CBO estimate. .(Washington, DC) – Social Security cost-of-living adjustments (COLA) would need to double their rate of growth and Medicare Part B premium increases would need to slow by half their historic rate to provide greater Social Security benefit adequacy, says a new report from The Senior Citizens League. Using the federal government's economic projections for the Social Security COLA and Medicare Part B premium estimates over the next decade, the study examined how well Social Security benefits would cover Part B premiums increases in coming years. .The witnesses at this hearing defended a number of payment provisions that may expire if Congress doesn't act soon, including add-on payments for mental health and ambulance services, and hold harmless payments for rural hospitals. When looked at separately the costs of these provisions seem minor, but if each of them were to expire at the end of this year, the federal government would save billion. The potential savings attracted most at the hearing, but Ranking Member Pete Stark (CA) reminded the Subcommittee that many of the provisions "ensure critical access to needy Medicare beneficiaries." … Continued
TSCL looks forward to working with these veteran lawmakers, along with new Representatives and Senators, on the following issues in the 114th Congress: .Over the years, there have been many bills, some with large numbers of co-sponsors, to fix the Notch. Most of the proposed legislative "fixes" provided improved monthly benefits. "Notch Reform" bills encountered strenuous opposition. Objections centered on the lifetime cost of providing those benefits. In 1992, one widely-supported piece of legislation was estimated to cost 0 billion (including interest lost to the Social Security Trust Fund) through the year 2020. In addition, it was argued that the cost would cause the Social Security Trust Fund to become insolvent even sooner than projected. .The Centers For Medicare and Medicaid Services (CMS) recently announced a bold new model to save money and improve healthcare quality by changing the way the government pays doctors. The Administration is taking steps to ensure that, by 2018, up to half of all payments to doctors won't be for visits and procedures, but rather for providing "high quality" care. The plan is to pay doctors on how they perform. .In addition, when lawmakers return to Capitol Hill on Monday to begin the lame-duck session, TSCL will keep a close eye on the evolving budget negotiations. Lawmakers have until December 9th to negotiate legislation to keep the federal government operating. Should they fail to miss the looming deadline, the federal government will shut down like it did back in 2013, and Social Security and Medicare beneficiaries could see negative impacts. For progress updates from Capitol Hill, visit the Legislative News section of our website, or follow TSCL on Twitter. .And it will not feel like a bargain if we get free or cheap vaccines during a pandemic but pay dearly for annual COVID-19 shots thereafter. .New regulatory threats, some at the urging of the pharmaceutical industry, could make it impossible for seniors to purchase certain products like vitamins and minerals without a prescription. It may sound outrageous, but seniors could soon be limited in their access to things as simple as protein shakes, vegetable juice and even herbal hand lotion without a prescription. The U.S. Food and Drug Administration (FDA) recently began imposing new regulations on products used in "Complementary and Alternative Medicine" (CAM). TSCL is concerned the expensive federal regulations will restrict seniors' access to commonly available items and drive up costs for those that remain on the market. .Have you heard anything about congress fixing a Social Security cut for those of us born in 1960? — K.S. .This week, The Senior Citizens League was pleased to see support grow for two key bills that would strengthen the Social Security program. First, one new cosponsor – Representative Peter Visclosky (IN-1) – signed on to the Protecting and Preserving Social Security Act (H.R. 2302), bringing the total up to eight cosponsors. .The income threshold that subjects a portion of Social Security benefits to tax was first set by legislation in 198Before 1984 Social Security benefits weren't taxed, but a financial crisis threatened Social Security in the early ‘80s providing the impetus for Congress to impose the new tax in order to beef up revenues. The tax increase was sold to the public as a tax on "high income" beneficiaries, and it was — in 198At that time only 10% of Social Security beneficiaries paid the tax. But today, it is different. During the 2015 tax season an estimated 56% of Social Security beneficiary households like yours owe federal income taxes on part of their benefit income, according to the Social Security Administration.